Gabelli Funds LLC Increases Stock Holdings in Shinhan Financial Group Co Ltd $SHG

Key Points

• Gabelli Funds LLC increased its shareholding in Shinhan Financial Group by 20.6%, owning 36,650 shares currently valued at approximately $1.18 million.
• Other institutional investors, such as Bessemer Group Inc. and Envestnet Asset Management Inc., also raised their stakes during the first quarter, indicating growing interest in the company.
• Shinhan Financial Group's stock has decreased by 1.7% recently, with analysts adjusting their rating from "buy" to "hold."

Gabelli Funds LLC lifted its holdings in shares of Shinhan Financial Group Co Ltd (NYSE:SHG - Free Report) by 20.6% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 36,650 shares of the bank's stock after acquiring an additional 6,250 shares during the period. Gabelli Funds LLC's holdings in Shinhan Financial Group were worth $1,176,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of SHG. Northern Trust Corp grew its stake in shares of Shinhan Financial Group by 249.2% during the fourth quarter. Northern Trust Corp now owns 1,445,120 shares of the bank's stock worth $47,516,000 after acquiring an additional 1,031,257 shares during the last quarter. Ranmore Fund Management Ltd purchased a new stake in shares of Shinhan Financial Group during the first quarter worth about $15,687,000. Millennium Management LLC purchased a new stake in shares of Shinhan Financial Group during the fourth quarter worth about $7,600,000. Causeway Capital Management LLC grew its stake in shares of Shinhan Financial Group by 56.6% during the first quarter. Causeway Capital Management LLC now owns 509,806 shares of the bank's stock worth $16,355,000 after acquiring an additional 184,167 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. purchased a new stake in Shinhan Financial Group in the fourth quarter valued at approximately $5,830,000. Hedge funds and other institutional investors own 7.76% of the company's stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered Shinhan Financial Group from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th.

Shinhan Financial Group Trading Down 0.0%

Shares of NYSE SHG traded down $0.02 during mid-day trading on Friday, reaching $46.89. 59,198 shares of the company's stock were exchanged, compared to its average volume of 223,563. The firm has a market capitalization of $22.76 billion, a price-to-earnings ratio of 4.70, a PEG ratio of 0.51 and a beta of 0.96. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.03 and a current ratio of 1.03. Shinhan Financial Group Co Ltd has a 52-week low of $28.76 and a 52-week high of $52.00. The company's 50-day moving average is $48.55 and its 200-day moving average is $40.36.

About Shinhan Financial Group

Shinhan Financial Group Co, Ltd. provides financial products and services in South Korea and internationally. The company operates through six segments: Banking, Credit Card, Securities, Insurance, Credit, and Others. It offers retail banking services, including demand, savings, and fixed deposit-taking; checking accounts; mortgage and home equity, and retail lending; electronic banking and automatic teller machines (ATM); and bill paying, payroll and check-cashing, currency exchange, and wire fund transfer services.